Nucor Co. (NUE) Stake Boosted by Standard Life Aberdeen plc
Standard Life Aberdeen plc lifted its holdings in Nucor Co. (NYSE:NUE) by 14.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 308,227 shares of the basic materials company’s stock after purchasing an additional 37,925 shares during the period. Standard Life Aberdeen plc’s holdings in Nucor were worth $19,557,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of NUE. Dupont Capital Management Corp increased its position in Nucor by 44.4% during the second quarter. Dupont Capital Management Corp now owns 4,461 shares of the basic materials company’s stock valued at $279,000 after acquiring an additional 1,372 shares during the last quarter. Aperio Group LLC increased its position in Nucor by 3.3% during the second quarter. Aperio Group LLC now owns 102,836 shares of the basic materials company’s stock valued at $6,427,000 after acquiring an additional 3,305 shares during the last quarter. Alps Advisors Inc. increased its position in Nucor by 9.9% during the second quarter. Alps Advisors Inc. now owns 805,075 shares of the basic materials company’s stock valued at $51,187,000 after acquiring an additional 72,509 shares during the last quarter. TD Asset Management Inc. increased its position in Nucor by 11.8% during the second quarter. TD Asset Management Inc. now owns 325,350 shares of the basic materials company’s stock valued at $20,334,000 after acquiring an additional 34,326 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in Nucor by 16.5% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 117,859 shares of the basic materials company’s stock valued at $7,366,000 after acquiring an additional 16,654 shares during the last quarter. Institutional investors and hedge funds own 76.59% of the company’s stock.
NUE has been the topic of a number of analyst reports. Citigroup cut their price objective on shares of Nucor from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, October 19th. Argus reiterated a “buy” rating on shares of Nucor in a research report on Tuesday, October 23rd. Seaport Global Securities initiated coverage on shares of Nucor in a research report on Thursday, October 11th. They set a “buy” rating and a $75.00 price objective on the stock. Zacks Investment Research upgraded shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 price objective on the stock in a research report on Tuesday, October 9th. Finally, Deutsche Bank cut shares of Nucor to a “buy” rating in a research report on Tuesday, October 2nd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $73.00.
Nucor (NYSE:NUE) last released its quarterly earnings data on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.35 by ($0.02). Nucor had a return on equity of 20.72% and a net margin of 8.79%. The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.64 billion. During the same period last year, the company earned $0.83 earnings per share. The firm’s revenue was up 30.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Nucor Co. will post 7.57 earnings per share for the current year.
Nucor announced that its board has authorized a share buyback program on Thursday, September 6th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the basic materials company to repurchase up to 10% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 11th. Investors of record on Monday, December 31st will be paid a $0.40 dividend. The ex-dividend date is Friday, December 28th. This is a positive change from Nucor’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a yield of 2.68%. Nucor’s dividend payout ratio is 43.30%.
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Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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